Anglo Irish Bank has agreed to fund Hazledene Group’s £75m mixed-use development in Aberdeen, Scotland.
Justice Mill Lane
The Irish property bank will fund the scheme which is on a 1.5 acre site, known as the Justice Mill Lane site, just off Aberdeen’s Union Street. It will be converted into 120,000 sq ft of office space, a 100,000 sq ft hotel development, and two floors of underground parking.
The Rezidor Hotel Group will operate the hotel element where it will open its 100th Park Inn hotel at the site with 184 rooms.
Construction will start in January with an estimated completion date of autumn 2009.
Jim Brydie, director at Lending, Anglo Irish Bank Scotland, said: ‘With demand for both office accommodation and hotel space on the rise in Aberdeen, we saw this as an excellent opportunity… Aberdeen has recently become characterised by burgeoning design and construction work in the city, an expanding evening economy and the arrival of internationally renowned retail brands.’